Sorrento Pacific Financial Joins Forces with Partnervest Financial Group, Expanding Its Own Offerings and Technology to Support the Independent Channel

SAN DIEGO-(Business Wire)-September 29, 2009 - Sorrento Pacific Financial, LLC (SPF), a full-service broker dealer and Registered Investment Adviser providing customized investment and insurance solutions to the financial industry, has expanded its offerings beyond the banking channel by uniting with Partnervest Securities Inc. and launching it as a separate division of SPF serving independent advisors.

Partnervest Securities has been operating as a successful broker dealer for 70 independent financial advisors since 2001 and, along with its sister company Partnervest Advisory Services, has more than $800 million in assets under management and administration. As a part of Sorrento Pacific Financial, the Partnervest division of independent advisors will gain access to SPF’s leading dataVISION® paperless account management technology, compliance review and increased efficiencies from consolidated back-office functions.

Headquartered in Santa Barbara, Partnervest Advisory Services will continue to focus its efforts on serving fee based advisors and expanding its innovative asset management platform. “This is a great strategic partnership that will allow both companies to focus on their strengths and provide added value to the advisors we serve,” says Ken Hyman CEO of Partnervest.

SPF gains diversification of revenue sources with entrée into the independent channel and the ability to grow its programs at a faster pace. It will also expand its suite of fee-based advisory product offerings by tapping into the product suite offered through Partnervest Advisory Services, LLC. Common philosophies, strong service cultures and proven models and systems motivated the two companies to pursue the alliance.

“Like Sorrento Pacific Financial, Partnervest has a Wall Street skill set with Main Street mindset,” says Rick Dahl, senior vice president of SPF. “We believe that our similar high touch styles, combined with the efficient systems and technology that SPF brings to the table, and the demonstrated expertise that Partnervest has developed in recruiting and serving the independent advisor, will position us well in a market that looks to be fragmented and underserved.”

The Partnervest division of SPF will continue to offer financial planning and investment products and services nationally to families and individuals, including wealth management, financial education, estate and retirement planning, long-term care, and life insurance.

“Although SPF is better known in the banking channel, most of our management and staff have had their grounding in the independent channel,” says Valorie Seyfert, CEO of SPF. “With the addition of the Partnervest division, we will bring our expertise to both banking and independent channels, providing full service programs as a multichannel broker dealer. There is more opportunity now than ever before because so many investors are dissatisfied with the level of customer service they have received from the large wire houses and other 'institutionalized' broker dealers. We’re looking forward to increased success.”

Independent advisors who are interested in affiliate opportunities can contact Marcy Burton at 888-991-9969. Bank executives interested in learning more about SPF’s program development and support can contact Rick Dahl at 888-805-7910.

About Sorrento Pacific Financial Services, LLC

Established in 2005, Sorrento Pacific Financial, LLC (Member FINRA/SIPC) is a full-service broker dealer offering customized investment and insurance solutions, training and program development support to the banking industry and the independent channel. Headquartered in San Diego, SPF works with more than 85 community banks nationwide and holds a strategic alliance with ICBA Financial Services; it also serves and supports independent advisors through its Partnervest division. SPF offers expertise in key areas including retirement services, wealth management, and fee-based and insurance products for both individuals and business customers, and provides a fully-electronic account management system for advisors. For more information, call toll-free 888.805.5585, extension 7910, or visit www.sorrentopacific.com.

About Partnervest Financial Group, LLC

Partnervest Financial Group provides support and guidance for advisors to grow and sustain a profitable fee based business through the STAR™ asset management platform. Partnervest’s collaborative approach is powered by creative thinking, entrepreneurial spirit and commitment to mutual success. Founded in 2001, it is a privately owned wealth management company headquartered in Santa Barbara, CA. For more information contact Marcy Burton at 888-991-9969 ext. 153.

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